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i been given a sales invoice for 139.52 net ,24.42 vat,163.94 gross ,but this invoice has been entered on the wrong side of the accounts ,how would i correct this please can u help

2007-06-29 00:31:59 · 2 answers · asked by Anonymous in Business & Finance Taxes Other - Taxes

2 answers

Let's start from the beginning. What you've done was:
Dr Sales 139.52
Dr Vat 24.42
Cr A/cs receivable 163.94

and now you need to correct that. You can do it in 2 stages or in 1 but for clarity, I'll do it in 2 stages for you. 1st you need to totally reverse the above, as if it never happened. So you:
Dr A/cs receivable 163.94
Cr Sales 139.52
Cr VAT 24.42

and now your slate has been wiped clean. You then journalise what you should have done in the 1st place:
Dr A/cs receivable 163.94
Cr Sales 139.52
Cr VAT 24.42

and you're done. With experience, you can do it in 1 go, by merely doubling the amounts in the entries, but the debit is to A/cs receivable aka Trade debtors aka Debtors control, but NOT Sales control which is a sales a/c. I think the answerer above had a typo there.

2007-06-29 02:06:04 · answer #1 · answered by Sandy 7 · 1 0

hey isn't accounting fun!
ok
jrnls:
sales control account dr £327.88
sales: cr £279.04
vat: cr £48.84!
good luck!
u have to cr/dr double the amount

2007-06-29 07:33:48 · answer #2 · answered by MiZz RuBy 6 · 1 0

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